Columbus Mckinnon Corporation Announces Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended December 31, 2016; Reaffirms Capital Expenditures Guidance and Provides Tax Guidance for 2017
January 26, 2017 at 05:00 pm IST
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Columbus McKinnon Corporation announced unaudited consolidated earnings results for third quarter and nine months ended December 31, 2016. For the quarter, the company reported Net sales of $152,497,000 against net sales of $159,738,000 a year ago. Income from operations of $5,317,000 against income from operations of $10,958,000 a year ago. Income before income tax expense of $1,516,000 against income before income tax expense of $8,410,000 a year ago. Net income of $505,000 against net income of $7,227,000 a year ago. Basic income per share of $0.02 against basic income per share of $0.36 a year ago. Non-GAAP adjusted income from operations of $8,457,000 against Non-GAAP adjusted income from operations of $12,474,000 a year ago. Non-GAAP adjusted net income of $4,537,000 against Non-GAAP adjusted net income of $6,948,000 a year ago. Diluted income per share - Non-GAAP of $0.22 against diluted income per share - Non-GAAP of $0.34 a year ago. Adjusted net income reflects the impact of lower sales volume, lower gross profit margin due to atypical items as well as lower productivity and other cost changes.
For the period, the company reported net sales of $453,435,000 against net sales of $442,015,000 a year ago. Income from operations of $29,137,000 against income from operations of $28,761,000 a year ago. Income before income tax expense of $21,453,000 against income before income tax expense of $22,768,000 a year ago. Net income of $13,722,000 against net income was $13,690,000 a year ago. Basic income per share of $0.68 against basic income per share of $0.68 a year ago. Net cash provided by operating activities of $48,520,000 against net cash provided by operating activities of $32,902,000 a year ago. Capital expenditures of $11,274,000 against capital expenditures of $15,518,000 a year ago. Non-GAAP adjusted income from operations of $32,524,000 against Non-GAAP adjusted income from operations of $39,419,000 a year ago. Non-GAAP adjusted net income of $18,666,000 against Non-GAAP adjusted net income of $23,398,000 a year ago. Diluted income per share - Non-GAAP of $0.92 against diluted income per share - Non-GAAP of $1.15 a year ago.
Capital expenditures are expected to be $16 million for fiscal 2017, unchanged from previous guidance. Effective tax rate for the full year of fiscal 2017 is now expected to be between 31% and 36%.
Columbus McKinnon Corporation is a designer, manufacturer and marketer of intelligent motion solutions for material handling. Its products include a variety of electric, air-powered, lever, and hand hoists, hoist trolleys, explosion-protected hoists, winches, and aluminum work stations; alloy and carbon steel chain; forged attachments, such as hooks, shackles, textile slings, clamps, and load binders; mechanical and electromechanical actuators and rotary unions; below-the-hook special purpose lifters; and power and motion control systems, such as alternate current (AC) and direct current (DC) drive systems, radio remote controls, push button pendant stations, brakes, and collision avoidance and power delivery subsystems. Its brands include Budgit, Chester, CM, Coffing, Little Mule, Pfaff, Shaw-Box, STAHL, Yale, Magnetek and Herc-Alloy. Its targeted market verticals include manufacturing, transportation including EV production and aerospace, energy and utilities, and process industries.
Columbus Mckinnon Corporation Announces Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended December 31, 2016; Reaffirms Capital Expenditures Guidance and Provides Tax Guidance for 2017
COLUMBUS MCKINNON CORPORATION 
